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32 Nigerian States Attract Zero Foreign Investment in Q1 2022

32 Nigerian States Attract Zero Foreign Investment in Q1 2022

Thirty-two states in Nigeria, including Rivers and Kaduna, did not attract any foreign investments in the first quarter of 2022

A report by the National Bureau of Statistics shows that only Lagos, Oyo, Katsina, Anambra states, and the Federal Capital Territory attracted investment during the period.

According to the NBS’ Nigerian Capital Importation (Q1 2022), the total value of capital imported into Nigeria in the first quarter of 2022 stood at $1.6bn from $2.2bn in the preceding quarter, showing a decrease of 28.09 per cent.

When compared to the corresponding quarter of 2021, capital importation decreased by 17.46 per cent from $1.9bn.

Also Read: Lagos State Attracts 87% of Nigeria’s Foreign Investment – CBN

The largest amount of capital importation by type was received through portfolio investment, which accounted for 60.87 per cent ($957.58m).

This was followed by Other Investment with 29.28 per cent  ($460.59m) while Foreign Direct Investment accounted for 9.85 per cent ($154.97m) of total capital imported in Q1 2022.

By destination of investment, Lagos State remained the top destination in Q1 with $1.1bn accounting for 71.16 per cent of total capital investment into Nigeria. This was followed by investment into Abuja (FCT), valued at $446.8m(28.40 per cent).

Anambra Oyo and Katsina states followed, with each raking in $4.1m, $2m and $700,000, respectively.

Click to Read: Capital Importation Falls by N1.68tn – CBN

On the other hand, Abia, Adamawa, Akwa Ibom, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Kaduna and Kebbi states failed to attract any foreign investments during the period under review.

Others are Nasarawa, Kogi, Kwara, Kano, Niger, Ogun, Ondo, Osun, Plateau, Rivers, Sokoto, Taraba, Yobe and Zamfara states.

Read More: FG Approves 4 New Seaports To Boost Foreign Investment Inflows

Categorisation of total capital investment by bank shows that Standard Chartered Bank Nigeria ranked highest in Q1 with $543.20m (34.53 per cent). This was followed by Citi Bank Nigeria Limited with $439.03m(27.91 per cent) and Stanbic IBTC Bank Plc with $251.52 (15.99 per cent).

About Bukola Olanrewaju

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